Our 2nd mortgage was with Ocwen Federal Bank. We got into trouble with our 2nd mortgage and continuously wrote them requesting for assistance. We never received a response until they decided to sell our loan to Wilshire Credit. Again, we continued making the payments but were consistantly behind.
We contacted Wilshire and was told they were unable to help us. Next we receive a court document stating they are starting Foreclosure! On our 2nd mortgage! We paniced and I contacted a local company who said they could help us negotiate something to resolve this matter. We gave this company temporary power of attoryney to speak on our behalf to Wilshire Credit! Finally, we were advised that they agreed to a Forbearance Program. The documents were created by an attorney firm, local and we had to get them notarized. The arrangment was to pay $1000.00 in November 2005, then our regular monthly payment of $471.00 PLUS $350.00 in December 2006, January- February- and March 2007----- and we were to contact Wilshire prior to March 25th, 2007 for further instructions. We paid every single one of those payments on time, SOMEHOW. However, January 2006, we received a notice from Wilshire Credit that our loan was being sold and serviced by Select Portfolio Servicing as of February 15, 2006. I called Wilshire, as directed early March 2006 and was told that they do not hold our loan and we need to contact Select Portfolio Servicing.
I then called Select Portfolio Servicing and got their address. Nothing else was discussed. We continued with our Forbearance Plan payment arrangement- mailing February, March, April and May 2006 payments to Select Portfolio Servicing! Since the time SPS took over the loan, I sent several letters to them, to have a paper trail, requesting they allow us to continue with the Forbearance payments until the loan was up to date! With no response, I called them again and talked to a foreign man, who I could not understand.. Then I talked to another lady who said they are not honoring any arrangement and we need to pay the $42,000.00 to stop legal action! Ok, let me write you a check right now!!
The new company, SPS, accepted and posted our Feb/March/April pmts and then out of the blue returned our May payment with an explaination, "Less than Due". At that time, I called the company back that originally made the arrangements for the Forbearance Plan for us. He said that Wilshire never should have sold the loan while in the middle of the legal Forbearance Plan and the new company, SPS should have honored the plan! SPS never sent us any Demand Letter !
We then hired a real estate attorney to assist us with the matter, back in June of 2006. He's been alot of help! Psych! Bills us over $2000.00 since June for "reviewing documents".. he hasn't once made contact with the mortgage company. Now that the loan was once again sold as of april 2007- the new company now- after SPS, states we owe a balance of $67,000.00 !! How did the balance go from $42k to $67k ??
We are at a complete loss and are ready to take care of this! Too many honest, hard working people are being taken advantage of these days!
My husband and I are more than willing to head up a class action suit against Ocwen, Wilshire Credit,and Select Portfolio Servicing!
In the meantime, we aren't sure what to do!! We don't have $28k (new company states must be paid to stop FC)!!!!! We thought we were getting help from a professional lawyer, but that has done no good! These companies MUST be STOPPED !!!! Let's take the bull by the horns and go after them!